PKN Orlen prepared in case Russian oil will be sanctioned – CEO

(Reuters) – Poland’s largest refiner PKN Orlen is prepared for the possibility Russian crude will be sanctioned, the company’s chief executive Daniel Obajtek said on Monday.

“We have been diversifying our supplies all the time. We are fully prepared, same as we were in 2019. If there will be a decision to generally impose sanctions (on Russian oil), we can do that at any time. We are secured,” Obajtek said.

Speaking at a site in the northern Polish city of Gdansk where the refiner received 130,000 tonnes of North Sea oil, Obajtek said the company has placed orders that guarantee the refinery’s operation for several months ahead.

PKN Orlen has been working for the last 4-5 years to diversify its supplies and Russian crude accounts for half of the throughput at its Plock refinery, it said.

Obajtek added PKN Orlen was also ready to process Iranian oil should the sanctions against Iran be lifted.

PKN Orlen operates refineries in the Czech Republic, Lithuania and Poland.

(Reporting by Anna Pruchnicka, Editing by Louise Heavens and Barbara Lewis)